Global Refractories market expected to record a CAGR of ~ 5% during the forecast period (2017-2028): Ken Research

What Is The Size Of Global Refractories Industry?

Global Refractories market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.

The Refractories market is witnessing robust growth owing to the growing demand for refractories in the iron and steel industry. The refractories market is majorly driven by factors such as global urbanization, industrialization, increasing demand for automotive industries, and a rise in demand for iron and steel in the construction industry.

The growth of the construction industry was in full swing before the COVID-19 pandemic hit its development. Despite a slowdown faced for a period of nearly six to eight months, the industry has revived quite positively.

It is expected that India's construction industry to grow at ~% CAGR from 2019-2028. Apart from India, China, the Philippines, and several other Middle Eastern countries are expected to showcase more than an ~% growth rate. For the Philippines, the construction industry accounts for nearly ~% of the country's GDP. The use of automation, and advanced construction techniques have been contributing to its growth along with a high demand for iron and steel.

The refractory products are important for all high-temperature processes in the making of metals, cement, glass, and ceramics. The lockdown in various countries led to supply chain disruption, hindering the market's growth rate.

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Global Refractories market by Product type

The Refractories Market is segmented by Product type on the basis of Non-Clay Refractories (magnesite brick, zirconia brick, silica brick, chromite brick and other products.) and Clay Refractories (high alumina, fireclay, insulating).

Clay Refractories segment held the largest market share in 2022 of the Global Refractories Market, owing to its low cost compared to the non-clay segment.

Many clay products and refractory manufacturing companies are using robotics and automation to improve plant efficiency and productivity. For, instance according to Boston Consulting Group (BCG), millions of industrial robots are expected to be deployed by 2025, thus indicating a rise in automation and robotics technology

The global Refractories market has been segmented on the basis of Form into Bricks & Shaped and Monolithic & Unshaped.

The Bricks and Shaped segment held the largest market share in 2022 of the Global Refractories Market.

Bricks are used to form an insulation layer inside ovens and kilns and are replaced periodically to meet the insulation ratings set by the customer. It is required in the metal and non-metal industries. This is one of the major factors for the brick and shaped segment to dominate the global refractories market by form.

Iron and steel manufacturing, cement manufacturing, and glass production prefer shaped refractories for thermal insulation purposes in incinerators, furnaces, and reactors. Steel is utilized more in vehicle production as compared to glass, hence an increase in brick and shaped segments.

Global Refractories market by Alkalinity

The Refractories Market is segmented by Alkalinity on the basis of Acidic, Basic & Neutral.

The basic segment held the largest market share in 2022 of the Global Refractories Market.

The basic refractory material contains magnesia, dolomite, and limestone and is stable to alkaline material but reacts to acid. The most commonly used basic refractory brick is magnesite brick. As it is resistant to alkaline slag and iron slag, therefore, is applied to the converter lining and furnace bottom.

The rising demand for magnesite in the construction industry due to its excellent adhesive, fire resistance, and high bonding strength is escalating the demand for basic refractories in recent times.

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Key Topics Covered in the Report

Snapshot of Global Refractories Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of Global Refractories Market
Historic Growth of Overall Global Refractories Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Refractories Industry
Overview, Product Offerings, and SWOT Analysis of Key Competitors
Covid 19 Impact on the Overall Global Refractories Market
Future Market Forecast and Growth Rates of the Total Global Refractories Market and by Segments
Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
Analysis of Refractories Market
Major Production / Consumption Hubs in the Major within Each Region
Major Production/Supply and Consumption/Demand Hubs within Each Major Country
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Region

 Leading Companies Mentioned in the Report

RHI Magnesita
Vesuvius PLC
Shinagawa Refractories Co., Ltd.
Krosaki Harima Corporation
Saint Gobain SA
IMERYS
Chosun Refractories
Puyang Refractories Group Co., Ltd.
IFGL Refractories Ltd.
Refratechnik
Resco Products
Morgan Advanced Materials

Notable Emerging Companies Mentioned in the Report

Haripriya Refractories Pvt. Ltd.
Universal Refractories, Inc.
Possehl Mexico, SA DE CV
Continental refractories Private Ltd.
Alsey Refractories Company
Christy Refractories Company L.L.C.
Wuxi Nanfang Refractories Co., Ltd.

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Refractories Manufacturers
Research and Development Institutes/In-house Researchers
Mining Companies
Packaging Companies
Raw Material Production Companies
Industrial Equipment & Machinery Manufacturers
Recycling organizations
Banking and Financial Service Providers
Iron and Steel Industry Participants
Cement Industry Participants
Ceramic Industry Participants
Energy and Chemical Industry Participants
Refractories Industry Association
Government Department of Heavy Industries
Ministry of Power

Time Period Captured in the Report

Historical Period: 2017H-2021H
Forecast Period: 2022E-2028F

For More Information on the Research Report, refer to below links: -

https://www.kenresearch.com/business-research/global-refractories-market-outlook-2028/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.